Engagement Ring Financing-Is It Right or Wrong

It’s not a comfortable thing to think about when it comes to credit and financing. If you are one of these people who believe this, don’t worry, there are still more options for you to get that perfect engagement ring for your loved one. Engagment ring Financing has become increasingly popular and there are several ways you can do it-one way being a personal loan.

Is It A Good Decision?

Think about it this way-after you propose, you are now going to have to spend money on big picture things such as a house, car, and even the wedding itself. These are all logical reasons to make sure your finances are intact and to be as frugal as you can.

What’s Holding You Back?

Debt is not something you should be building a marriage on. Love is not measured by the amount of money you have or spend. If the amount of money you want to spend is too high and causes issues, don’t make the purchase.

In a perfect world, you and your spouse should have similar views about finances by the time you pop the question.

Maybe Family?

Asking a family member for a loan if you know they have the means to assist you is another option. Those who are willing to ask a family member for a loan will most likely not have interest payments or commitments. If you decide to go this route, make sure you get receipts for each payment you make to avoid conflicts.

Additional Options

Another option would be to open up a credit card to get the engagement ring. Some credit cards offer rewards that could potentially help pay for your honeymoon and even your ring. You could be entitled to cashback bonuses, travel points, and much more. There are many store-specific credit cards that offer these promotions.

As for personal loans, you will need to pay back both the loan and interest in full by the end of the term. If your credit rating isn’t all that great, you are going to be offered a higher interest rate. Since loan schedules are made up right on the spot, you will know exactly how much you will have to pay at the end of the term.

Doubts, Doubts, And More Doubts

I’m not talking about the marriage, but about the ring financing. If you begin your new journey in debt, it’s unstable and inconvenient for you and your partner. I say that you should avoid getting yourself into debt. You can even delay the proposal if you need more time to save up for fina another means of funding.

It’s important to explore your options before taking out a loan if you do decide that financing a ring is the way to go. Don’t create debt jus to have to pay for it and keep your credit rating in good standing. You should make sure you are taking the time to find a solution that works for you.

Back to blog